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Cebuandrew

Is there a better way than Xoom?

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Kabisay-an gid

My brother-in-law here in N. Calif has a Wells Fargo account so I browsed the Wells Fargo website on foreign remittances and they have this estimator to show what it would cost for a bank to bank remittance. Below is just one example and doesn't look too bad at all, but don't know if there are any catches, because I haven't read most of what's on the website..

I'm with a different U.S. bank and it costs $45 for a U.S. bank to an overseas bank money wire transfer! That's why I only write out U.S. personal checks for deposit into our local RP USD Saving account and wait 25 days for our checks to clear, which works well for us without any issues for over 14 yrs now!

 

https://www.wellsfargo.com/international-remittances/cost-estimator/

 

 

 

Current ExpressSend Remittance Cost Estimator

Foreign exchange rate1 USD = 44.0154 PHP

Delivery Amount 88,030.80 PHP

Amount $2,000.00

Transfer fee $5.00

Total amount $2,005.00

 

https://www.wellsfargo.com/international-remittances/

 

 

 

Wells Fargo appears to be worse than Xoom or Western Union. Wells Fargo has received over four times more complaints on this website than Western Union:

http://www.consumeraffairs.com/finance/wells_fargo.html

 

 

 

 

.

Edited by Kabisay-an gid

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rtc926

With Wells Fargo, they are giving a bad rate. Losing at least 1,000 pesos plus the 5 dollars. Xoom charges 14.99 for 2,999, send usd, pick up usd, and exchange the money around town. I exchanged some money today and got 44.75

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NOSOCALPINOY

Just writing out U.S. personal checks for deposit into one's local RP USD saving account is free and the cheapest and simplest way to go, but at certain banks they charge at least P50 for their USD deposit transaction. Some banks also have 15 days clearing period instead of 25 days. The only thing is, those who have small pensions sometimes can't wait 15 to 25 days until their check clears and posted to their local RP USD savings account, so therefore they have to resort to remittances and or bank wire transfers with the shortest length of time to receive their money. That's why a lot of expats are always looking for the highest exchange rate, "more bang for their bucks" wherever one can find it. Who doesn't want an extra peso or two, enough for a few bottles of one's cheap or medium expensive favorite brew? :idontknow:    

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Alk

I thought you could use Xoom to send dollars from your bank account in the USA to be picked up in the Philippines as dollars for something like $14.99 for less than $2,999 transferred.  You then exchange the dollars for the best rate available on Pesos.

 

I was planning on doing that this week, as I have recently moved here.  

 

Update*** I have used Xoom many times to send money to others in the Philippines form the USA.  When I tried to log into Xoom just now (giving my email address and password), xoom said they sent a message to my phone in the USA which contains a code, which I need to log in.  Since I now live in the Philippines, I closed that my USA phone account I had listed with Xoom, so i guess I cannot use them.

 

I am down to less than 10,000p plus credit cards here.  I have an ACR card, but I live full time in a hotel, so don't have a mailing address required to open a bank account.  What would be the best way to get to money to myself under these circumstances ?    I suppose I could always bite the bullet and pay high ATM fees, but would like to avoid that if possible.  

Edited by Alk
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Alk

Just as a follow-up, Xoom customer service did respond promptly and gave me a new log-in code. ...i had used xoom over 50 times in the past to send money to my girlfriend in the cebu so am a very good customer.  Before I left the USA, i had called xoom, and was assured I could send money to myself with no problem...

 

When i did log in, and tried to send money to myself just now, but my transaction was denied, with no reason given.

 

Xoom really is unreliable.  

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spydoo

I think XOOM are either idiots or mongrels. You can't send money from Australia. That wouldn't worry me except they don't tell you that until after you sign up with them, giving them personal information and wasting time. More US-centricity, thinking they only need concern themselves with themselves. Are they stupid or are they arrogant? I just don't know.

 

:oldtimer:

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quit_yume

We use Remitly.   So fecking happy to not be using WU or XOOM.  

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NOSOCALPINOY

Just as a follow-up, Xoom customer service did respond promptly and gave me a new log-in code. ...i had used xoom over 50 times in the past to send money to my girlfriend in the cebu so am a very good customer.  Before I left the USA, i had called xoom, and was assured I could send money to myself with no problem...

 

When i did log in, and tried to send money to myself just now, but my transaction was denied, with no reason given.

 

Xoom really is unreliable.  

I did the same thing, tired to send money to myself in the Philippines long long time ago! It has something to do with the Philippines Money Anti-laundering Act., so Xoom automatically closed out my account and was never able to use Xoom ever again, unless I use a different account, but since we now live in the Philippines and no U.S. address or utility bills in my name, I can not join Xoom, but who would want to? Xoom is a big ripoff! 

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Alk

What you mentioned above happened to me in 2012 with Xoom when I tried to send money to myself while visiting the Philippines.  My account was closed with no explanation.  After complaining 4 times (the first 3 times I was told to get lost basically), they finally reinstated my account after about 2 months.  That is why prior to moving to the Philippines, I called them and specifically asked a Xoom representative if I would be able to send money to myself.  She said yes, but seemed to mostly just want me to end the call and stop bothering her.  She would not take my name or make a notation to my account that I would be moving to the philippines, and so any transaction I started from there should be honored.

 

As far as Remitly, I tried to join that last night. I got a polite representative on their chat line who explained that I could not join unless I was in the USA, and that they would not allow transactions starting in the Philippines.  I realize someone above had good experiences with Remitly, but I believe they set up their account while still in the USA.

 

Xoom customer service did get back to me after I protested having my transaction cancelled.  They said if i wanted to protest them denying to send me money, I would have to call their USA phone number, which will probably mean a long wait on an expensive overseas call.

 

Does anyone know a remittance service that will allow me to join while i am living in the philippines ?  

 

I did go to BPI and BDO and tried to set up a bank account, but they wanted proof of residence (utility bill or something of the sort), along with an ACR card. I now have the ACR card, but I live at the Mandarin Plaza hotel, and I was told that does not qualify as a permanent residence, so the bank account route seems to be out, although I will give that another shot today.

Edited by Alk

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Paul

 

 

Best is XOOM.

 

Keep thinking that, right up to the point you REALLY need them to send you some urgent cash, and they refuse and block your account - with no explanations. 

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Paul

 

 

When i did log in, and tried to send money to myself just now, but my transaction was denied, with no reason given.

 

 

Xoom really is unreliable.  

 

NO doubt. 


 

 

Are they stupid or are they arrogant?

 

Yes.

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SkyMan
 

ATM

 

 

There are seldom free ATMs anymore, unless it's with your bank. Use other bank ATMs other then your own, there are always service fees involved. 

 

Just writing out U.S. personal checks for deposit into one's local RP USD saving account is free and the cheapest and simplest way to go,
That's a negative Ghost Rider.  I've been using ATM withdrawals for years and I do not WILL NOT pay a dime of fees.  If someone finds a service that will pay me to transfer my money to me then I'll switch but until then, free is fine with me.  I have a US (not RP) HSBC savings account.  The minimum balance is like 10 cents or something.  I created the account online and funded it via web bill pay from my USAA account.  It takes about 4 days for money to transfer from my USAA account where my pension is deposited to that HSBC account.  I can take up to p10K from a Metrobank ATM (they're everywhere) or more than p10K (not sure how much more) from a UCPB ATM or up to p40K (per pull) from the HSBC ATM near Ayala (and can do back to back pulls there up to my account's daily limit.)  No fee at all.  There's also no fee if I use my USAA card at the HSBC ATM or if I use that card at a fee ATM, USAA will reimburse the fee up to $15/mo.  So using the ATM is definitely easier than checks.

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Paul

 

 

 It takes about 4 days for money to transfer from my USAA account where my pension is deposited to that HSBC account.

 

Damn. I feel bad now. I was complaining that it took two days for my transfers from my credit union to my Schwab account. :D

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Alk

Keep thinking that, right up to the point you REALLY need them to send you some urgent cash, and they refuse and block your account - with no explanations. 

That is exactly what happened to me the last couple of days...i had used them for years sending money to others.  Now that I am I am on my last few thousand pesos, I used them for urgently needed money, and they shot me down, in spite of telling me before I left the USA that it was fine for me to send money to myself in the philippines..

 

They had me call a USA phone number from here in the philippines, and they gave me a huge run-around as well.   That explanation is that i violated 'terms of service',  which is ridiculous.

 

I also got shot down about opening a local bank account since i live full-time in a hotel, which is not allowed.

 

My only other option now is ATM machines....any suggestions regarding the lowest rate for a Bank of America account would be appreciated...

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Mikala

 

 

I also got shot down about opening a local bank account since i live full-time in a hotel, which is not allowed

 

When I opened my Metrobank account, I gave them the address of a friend of mine living in Lapu-Lapu. Worked fine for me.

 

If you can get someone to scan a bill from the local electric or water company, you can always insert your own name on their bill using software.

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